The National Bank of Greece announces its decision to discontinue the merger process and the relevant discussions with Alpha Bank. Despite its consistent and systematic efforts, the Management of the National Bank of Greece was obliged to reach this decision in the absence of any substantial further progress in the process of negotiations for the consummation of the merger.

Given Alpha bank's insistence on a material deviation from what had so far been agreed upon and jointly announced by the two banks, the National Bank of Greece's duty to the domestic and international investor community was not to prolong any further the current situation.

In the light of the recent developments, the Management of the National Bank of Greece decided to discontinue the merger process acting with respect to the Bank's 160-year-old history and its contribution to the national economy as well as in the best interests of its shareholders, employees and customers.

The National Bank of Greece continues to believe in the strategic importance of creating strong domestic financial institutions with European prospects, endowed with the necessary means to fulfill their mission. The Bank's successful course in recent years vouches for its continued leading role in the domestic banking system and the further strengthening of its presence in international markets.